ProcurePulse May 2020

The Monthly Procurement Insights and Trends Roundup

Coronavirus is changing the world in dramatic ways. The pandemic conditions we are in have many downsides, but we are starting to see many positive changes as well: less polarization, a revived appreciation for the outdoors and life’s other simple pleasures, and the amazing and innovative ways businesses have adapted technology to collaborate remotely. And this applies to procurement and sourcing professionals too. No one knows exactly what will come, but here is our best stab at creating a guide to the unknown ways that procurement and sourcing operations — will change in the future.

Around the Web

Explore some useful articles published on leading websites in past few weeks.

Supply Chain Management

Ramping up the supply chain post COVID19

COVID-19 has opened up opportunities to take a hard look at the entire supply chain and reimagine it for tomorrow’s needs through a mix of digital and physical infrastructure.

Difficulties performing obligations under your contracts due to the COVID19?

Force Majeure Clauses, Frustration and Illegality routes will be of no assistance if it simply makes contract performance more difficult or uneconomic. In such cases, seek to engage with the other parties to agree a variation to the contract.

How vendor payment terms are swinging widely from 5 to 180 days.

While majority of major retailers are extending payment terms a report from CreditSafe says supermarkets have widely accelerated vendor payment practices to promote the financial health of their supply chains.